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Challenger Acquisitions keen to pursue strategy after banking first £2.2mln of £3mln funding

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Capital raised through the funding round is earmarked to be used as part of the group’s acquisition and investment strategy

Challenger Acquisitions (LON:CHAL) executive chairman Mark Gustafson is keen to proceed with the group’s strategy, after the group secured around £3mln through a convertible note funding.

The company today said it had now received £2.2mln of the £3mln that has been formally committed to by investors to date. It is expected that the outstanding £850,000 will be received within the next 25 days.

Capital raised through the funding round is earmarked to be used as part of the group’s acquisition and investment strategy which is focussed on the entertainment and leisure sectors, particularly ‘attractions’ business.

"We are very pleased that new investors and existing shareholders have provided additional capital for our company,” Gustafson said in a statement.

“Whilst there may be additional demand for our funding instrument, we are keen to move forward with our acquisition strategy."

The Challenger loan notes carry interest at 12% per year and they are convertible into shares at either a 50p fixed price or at a 7.5% discount to the prevailing market price. And they can redeemed by the company for a 10% premium, anytime the market price for the share is lower than 50p.


Quick facts: Challenger Acquisitions Limited

Price: 0.13 GBX

LSE:CHAL
Market: LSE
Market Cap: £410.2 k
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